Are you American living abroad? Heard any scary stories about the term FATCA?
Here are 5 things you need to know.
- What is FATCA?
Foreign Account Tax Compliance Act. It’s about preventing Tax Evasion. All U.S. persons must pay tax on THEIR worldwide income. It’s a US law.
- Who does FATCA affect?
All U.S. persons living abroad regardless where they live.
- What’s this mean for me?
It means your bank needs to report your Financial Account information to the IRS even if you’ve been living abroad for a long time.
- So, what do I have to do?
It’s time to do your taxes. First submit your income tax return. Then, submit an FBAR
- What happens if I don’t?
You could face harsh penalties! Like fines up to $100,000! Or prison if you’re not careful.
So what should I do know
We’re here to help you.
We specialize in tax preparation for U.S. Expats.